Money Stuff: The Podcast Funny Business Is My Business: PRIV, HHH, WARS
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Feb 28, 2025 Discover the launch of a groundbreaking private credit ETF and its implications in the financial market. Delve into Bill Ackman's ambitious plans to create his own Berkshire Hathaway. Hear about the quirky use of memecoins in bankruptcy bidding and the humorous challenges of taking a hedge fund public. The conversation touches on hedge fund dynamics and the influence of Warren Buffett's strategies, all wrapped up in an engaging examination of contemporary financial moves and the evolving landscape of investment.
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Private Credit ETF Launch
- The first private credit ETF, PRIV, launched, shocking many.
- It invests 10-35% in private credit, with Apollo acting as the liquidity provider.
Apollo's Liquidity Solution
- Apollo will provide liquidity for the ETF by making a market in its own private credit loans.
- This structure potentially solves the liquidity issue of private credit in an ETF wrapper.
Skepticism and Fees
- There are concerns about Apollo's potential conflict of interest as both supplier and buyer of private credit.
- The ETF's 0.70% fee is considered reasonable for an actively managed fund in a new asset class.